The solution intends to streamline wire transfers and payments, and to reduce the associated issues with manual reconciliation that have constrained operations for many online businesses.

Another benefit of virtual IBANs is the vast number of IBANs that can be created and assigned to clients.

Merchants will have the capacity to place the assignment of IBANs for each client, or even per transaction. The end results should produce a more efficient and organized method of using IBANs in the wire transfer process.

When a merchant receives an inbound payment transfer to a virtual IBAN, the funds are allocated into a centralized account. This enabled businesses working with TrustPay to only manage their payments through a single account, creating a much more simple process to follow and manage.

David Rintel, CEO of TrustPay, commented: “Virtual IBANS signify an end to the nightmare that is manual reconciliation of incoming payments.”

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Similarities to Virtual Bank Accounts

The implementation of virtual bank accounts has provided benefits to many users. They have often been touted as an efficient solution to performing business, due to their ease of use and high accessibility to global markets and industries.

Recently, there has been a surge of virtual bank accounts used for the purpose of investing in the cryptocurrency market, which has come under fire as regulators begin to clamp down on the industry.

However, the principle behind them holds true, and TrustPay is vying to adapt the concept to its wire transfer capabilities.

The reduction of costs and the simplification of payment processes could see TrustPay’s virtual IBANs gain momentum, as more merchants begin to adopt the solution.

TrustPay is also focusing on providing the solution to smaller-sized businesses, which in the full scope of things, could have a dramatic effect on the payment processing choices of many online businesses.

Benefits to the FX Industry

The FX industry has endured many challenges over the past decade. Aside from regulatory confinements, and the recent surge in demand for cryptocurrencies, payment solutions have long maintained their place on the list of issues for many retail brokers.

While some credit card payment processors have stopped working within the industry, in an effort to avoid the seemingly high level of chargebacks and client-issued complaints, wire transfers have also induced their fair share of technical constraints.

TrustPay is not the only payment solutions provider offering virtual IBANs. In early 2017, Saxo Bank announced the integration of Banking Circle Virtual IBAN, in order to nullify their dependence on multiple banking relationships to accommodate their payment processing and wire transfer demand.